James Atkins
Editor
Editor
The cryptocurrency market has not had a good start to this week, with prices falling across the board. However, the total market capitalization remains above $1.1 trillion despite the wider market losing more than 2% of its value.
Currently, Bitcoin is at a slip, barely clinging to the $24k support level after losing over 3% in value within the past day. Nevertheless, there’s still hope that BTC might make a comeback and surge past the $25k resistance level; in the next few days.
Ethereum is currently trading below the $600 level after losing more than 5% in the last 24 hours. ETH could continue to decline if Bitcoin fails to surge past the $25k resistance level.
XRP has also lost more than 5% of its value and it is now trading below the $0.6 level. The digital asset could resume its decline if Bitcoin fails to move past the $25k resistance in the near term.
The overall cryptocurrency market is currently struggling to gain traction as Bitcoin struggles to defend key support levels. If BTC fails to move past $25k soon, we could see a sharp sell-off in the crypto markets in the coming days.
In the near term, BTC could surge further if it breaks the $25k resistance level. The bulls will need to build enough momentum to push Bitcoin over the $27k resistance level.
The 4-hour chart shows that Bitcoin is stuck between two key technical levels. The bulls need to push BTC past the $26k resistance level to start a new uptrend.
On the other hand, a break below the $24.5k support level could result in a sharp sell-off. The key thing to watch for in the near term is Bitcoin’s reaction at the $25k resistance level.
Despite Bitcoin having a bad day yesterday, the technical indicators show that it could bounce back. This can be seen on the BTC/USD 4-hour chart which is still bullish.
Data Source: Tradingview
The MACD line is above the neutral zone, suggesting that Bitcoin’s momentum is growing. Despite its poor performance, the 14-day relative strength index of 48 indicates that Bitcoin is not yet in an oversold state. To continue its advance, the Bitcoin bulls must push the BTC price past $25,000.
The next target for Bitcoin would be the $30,000 level. On the downside, a break below the $24,500 support level could result in a sharp sell-off.
The key thing to watch for in the nearing control of the market. And push BTC past the $24,879 resistance level before the end of the day. Bitcoin is Bitcoin and it never fails to amaze us!
In the medium term, as long as Bitcoin continues to gain momentum and stay above $25k in psychological terms. BTC may easily survive over $25k in the short run. To reach the $30,000 level, Bitcoin must reclaim and extend its stay above the $25,000 mark.
On the downside, a break below the $24,500 support could see Bitcoin tumbling towards the $22,000 support level. Below this key level, Bitcoin might find some bids around the $20,000 mark. The general outlook remains bullish as long as Bitcoin holds above the $24,000 level.
Above this level, BTC could target the $27,000 and $30,000 levels in the near term. Conversely, if Bitcoin fails to hold above the $24k handle and corrects lower again, it might find support at around the $22,000 level.
Further downside below this level could see Bitcoin testing the $20,000 mark once again. Looking at the technical indicators: The RSI is currently above the 50 level. The MACD on the daily time frame is still in bullish territory.
Bitcoin looks poised to continue its uptrend in the near term. As long as it holds above the key support levels of $22,000 and $20,000. Bitcoin could ride atop the $25k resistance zone soon.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
